Gold prices edge up amid Fed rate cut hopes; US-Russia talks awaited
Investing.com -- Shares of major casino operators with exposure to Macau surged on Tuesday after the Chinese gambling hub reported a 19% YoY increase in June gaming revenue, significantly exceeding analyst expectations.
Melco Resorts & Entertainment (NASDAQ:MLCO) stock jumped 7%, leading gains among casino stocks with Macau operations. Las Vegas Sands (NYSE:LVS) rose 3.6%, Wynn Resorts (NASDAQ:WYNN) gained 3.3%, and MGM Resorts International (NYSE:MGM) edged up 0.4%.
According to data released by Macau’s Gaming Inspection and Coordination Bureau, gross gaming revenue reached 21.1 billion patacas ($2.6 billion) in June, surpassing the median analyst estimate of a 9.4% increase. The strong performance represents a recovery to 88% of pre-pandemic levels seen in 2019.
The robust revenue was boosted by a series of concerts by Cantopop icon Jacky Cheung, which began in mid-June and will continue into early July. Citigroup (NYSE:C) analyst George Choi noted that the first night of Cheung’s performances saw a 16% increase in premium players compared to last year, while the average wager per high-roller grew by 36%.